 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
INSURANCE CODE |
|
Title 11. TITLE INSURANCE |
|
Subtitle B. ORGANIZATION OF TITLE INSURANCE COMPANIES |
|
Chapter 2552. ATTORNEY'S TITLE INSURANCE COMPANIES AND TITLE ATTORNEYS |
|
Subchapter F. AUDIT AND EXAMINATION REQUIREMENTS RELATING TO TRUST FUND ACCOUNTS |
Sec. 2552.251. ANNUAL AUDIT
-
(a) A title attorney shall have an annual audit made of trust fund accounts. The title attorney shall pay for the audit.
(b) The audit must be performed by an independent certified public accountant or licensed public accountant, or a firm composed of either, recommended by the title attorney and approved by the attorney's title insurance company represented by the title attorney.
(c) The audit must include disclosure of payments made for title evidence under a contract under Section 2552.153 and to whom the payments were made.
(d) Not later than the 90th day after January 1 of each year, the title attorney shall send by certified mail, postage prepaid, to the department one copy of the audit report with a transmittal letter. The title attorney shall also send a copy of the audit report and transmittal letter to the attorney's title insurance company represented by the title attorney.